MIRA INFORM REPORT

Report Date :

25.09.2012

IDENTIFICATION DETAILS

Name :	NORDEN MACHINERY AB

Registered Office :	PO Box 845, Kalmar, 391 28

Country :	Sweden

Financials (as on) :	31.12.2011

Year of Establishment :	1954

Com. Reg. No.:	5560606690

Legal Form :	Private Subsidiary Company

Line of Business :	manufacturing packaging machinery, such as wrapping, bottling, canning, and labeling machinery

No. of Employees :	175 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Sweden

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

sweden - ECONOMIC OVERVIEW

Aided by peace and neutrality for the whole of the 20th century, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has a modern distribution system, excellent internal and external communications, and a highly skilled labor force. In September 2003, Swedish voters turned down entry into the euro system concerned about the impact on the economy and sovereignty. Timber, hydropower, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade. Privately owned firms account for vast majority of industrial output, of which the engineering sector accounts for about 50% of output and exports. Agriculture accounts for little more than 1% of GDP and of employment. Until 2008, Sweden was in the midst of a sustained economic upswing, boosted by increased domestic demand and strong exports. This and robust finances offered the center-right government considerable scope to implement its reform program aimed at increasing employment, reducing welfare dependence, and streamlining the state's role in the economy. Despite strong finances and underlying fundamentals, the Swedish economy slid into recession in the third quarter of 2008 and growth continued downward in 2009 as deteriorating global conditions reduced export demand and consumption. Strong exports of commodities and a return to profitability by Sweden''s banking sector drove the strong rebound in 2010, which continued in 2011, and the government is proposing stimulus measures in the 2012 budget to curb the effects of a global economic slowdown and boost employment and growth.

Source : CIA

Company name & address

Norden Machinery AB

PO Box 845

Kalmar, 391 28

Sweden

Tel: 46 (480) 44 77 00

Fax: 46 (480) 44 77 58

Web: www.nordenmachinery.se

Synthesis

Employees: 175

Company Type: Private Subsidiary

Corporate Family: 85 Companies

Ultimate Parent: Nordstjernan AB

Incorporation Date: 1954

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Swedish Krona

Annual Sales: 54.7

Total Assets: NA

Business Description

Norden Machinery AB is primarily engaged in manufacturing packaging machinery, such as wrapping, bottling, canning, and labeling machinery.

Industry

Industry Containers and Packaging

ANZSIC 2006: 2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002: 2924 - Manufacture of other general purpose machinery not elsewhere classified

NAICS 2002: 333993 - Packaging Machinery Manufacturing

UK SIC 2003: 2924 - Manufacture of other general purpose machinery not elsewhere classified

UK SIC 2007: 2829 - Manufacture of other general-purpose machinery n.e.c.

US SIC 1987: 3565 - Packaging Machinery

Key Executives

Name	Title
Thomas Johansson	Managing Director
Eric Pehrsson	Finance Manager
BjÃ¶rn Persson	Sales Director
Lena Svensson	Purchasing Executive
Kenneth Henriksson	Production Director

Registered No.(SWE): 5560606690

1 - Profit & Loss Item Exchange Rate: USD 1 = SEK 7.206564

2 - Balance Sheet Item Exchange Rate: USD 1 = SEK 6.72285

Corporate Overview

Location

PO Box 845

Kalmar, 391 28

Sweden

Tel: 46 (480) 44 77 00

Fax: 46 (480) 44 77 58

Web: www.nordenmachinery.se

Sales SEK(mil): 394.0

Assets SEK(mil): NA

Employees: 175

Fiscal Year End: 31-Dec-2010

Industry: Containers and Packaging

Incorporation Date: 1954

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(SWE): 5560606690

Managing Director: Thomas Johansson

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:

2924 - Manufacture of other general purpose machinery not elsewhere classified

NAICS 2002 Codes:

333993 - Packaging Machinery Manufacturing

US SIC 1987:

3565 - Packaging Machinery

UK SIC 2003:

2924 - Manufacture of other general purpose machinery not elsewhere classified

UK SIC 2007:

2829 - Manufacture of other general-purpose machinery n.e.c.

Business Description

Packaging machinery

More Business Descriptions

Norden Machinery AB is primarily engaged in manufacturing packaging machinery, such as wrapping, bottling, canning, and labeling machinery.

Financial Data

Financials in:	SEK(mil)

Revenue:	394.0

Date of Financial Data:	31-Dec-2010

1 Year Growth

Key Corporate Relationships

Bank:	Nordea

Corporate Family	Corporate Structure News:
	Nordstjernan AB Norden Machinery AB
Norden Machinery AB Total Corporate Family Members: 85

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Nordstjernan AB	Parent	Stockholm	Sweden	Miscellaneous Financial Services		30,303
NCC AB	Subsidiary	Solna	Sweden	Construction Services	8,090.2	16,844
Acquisition of OKK EntreprenÃ¸r AS proposed/announced.See corporate structure news on Nordstjernan AB for details
NCC Rakennus Oy	Subsidiary	Helsinki	Finland	Construction Services	742.4	2,175
Optiplan Oy	Subsidiary	Helsinki	Finland	Engineering Consultants	14.4	135
Aktsiaselts NCC Ehitus	Subsidiary	Tallinn	Estonia	Construction Services	22.2	32
NCC Roads AB	Subsidiary	Solna, Stockholm	Sweden	Electronic Instruments and Controls	794.8	1,839
NCC Roads AS	Subsidiary	Oslo	Norway	Construction Services	237.3	626
Svenska FrÃ¤s och AsfaltÃ¥tervinning AB SFA	Subsidiary	Markaryd, Kronoberg	Sweden	Construction Services	22.6	64
RÃ¥ngedala Grus AB	Subsidiary	RÃ¥ngedala, VÃ¤stra GÃ¶taland	Sweden	Non-Metallic Mining	8.9	14
Kvidinge Stenkross AB	Subsidiary	Kvidinge	Sweden	Retail (Home Improvement)	5.5	11
SlÃ¤ryds Grus & Entreprenad AB	Subsidiary	MalmÃ¶, SkÃ¥ne	Sweden	Non-Metallic Mining	9.4	9
NCC Norway AS	Subsidiary	Oslo	Norway	Construction Services		1,600
NCC Construction Danmark A/S	Subsidiary	Hellerup	Denmark	Construction Services	312.6	1,206
Bygdirekte A/S	Subsidiary	Hellerup	Denmark	Retail (Home Improvement)	0.0	5
NCC Roads A/S	Subsidiary	Vejen	Denmark	Construction Services	282.2	1,022
NCC Hercules	Subsidiary	Solna	Sweden	Construction Services	228.0	900
NCC Immobilien GmbH	Subsidiary	Furstenwalde	Germany	Construction Services		800
NCC Forsakrings AB	Subsidiary	Solna	Sweden	Construction Services		800
NCC Deutsche GmbH	Subsidiary	Furstenwalde	Germany	Construction Services		730
NCC Construction	Subsidiary	Solna	Sweden	Construction Services		700
Hercules Grundlaggning AB	Subsidiary	Solna	Sweden	Construction and Agriculture Machinery	76.1	50
Byggs Sprutbetong AB	Subsidiary	Malung, Dalarna	Sweden	Business Services	9.1	51
NCC Denmark A/S	Subsidiary	Hellerup	Denmark	Construction Services		500
NCC Building	Subsidiary	Gothenburg	Sweden	Construction Services		300
NCC TeleCom A/S	Subsidiary	Brondby	Denmark	Construction Services		85
BergnÃ¤sets StÃ¤llningsmontage i LuleÃ¥ AB	Subsidiary	LuleÃ¥, Norrbotten	Sweden	Construction Services	30.1	159
NCC Polska	Subsidiary	Warsaw	Poland	Construction Services		130
StÃ¤llningsmontage och IndustritjÃ¤nst i SÃ¶dra Norrland AB	Subsidiary	Iggesund, GÃ¤vleborg	Sweden	Business Services	19.2	95
Nybergs Entreprenad AB	Subsidiary	Visby, Gotland	Sweden	Business Services	35.8	94
Anjobygg AB	Subsidiary	Halmstad, Halland	Sweden	Construction Services	18.4	89
NCC Roads Holding AB	Subsidiary	Solna, Stockholm	Sweden	Miscellaneous Financial Services	0.3	28
NCC Property Development AB	Subsidiary	Solna	Sweden	Real Estate Operations	8.6	26
Sollentuna Centrum Exploaterings AB	Subsidiary	Solna	Sweden	Construction Services	16.3
Ncc International Aktiebolag	Subsidiary	Singapore	Singapore	Construction Services	75.0	10
NCC Property Development AS	Subsidiary	Oslo, Oslo	Norway	Construction Services	3.2	9
Ã…sane Byggmesterforretning AS	Subsidiary	Ulset, Hordaland	Norway	Construction Services	41.3	78
SjÃ¸entreprenÃ¸ren AS	Subsidiary	Bergen, Hordaland	Norway	Construction Services	10.7	15
NCC International AB	Subsidiary	Solna, Stockholm	Sweden	Construction Services	7.8	8
NCC Treasury AB	Subsidiary	Solna	Sweden	Construction Services		7
NVS Nordiska VÃ¤rme Sana AB (NVS)	Subsidiary	MalmÃ¶	Sweden	Miscellaneous Capital Goods	175.0
Baltic Construction Services Co, Ltd	Subsidiary	Nicosia	Cyprus	Construction Services	75.0
NCC Tunnelling A/S	Subsidiary	Oslo	Norway	Electric Utilities	75.0
NCC Construction Sweden AB	Subsidiary	Solna	Sweden	Construction Services
NCC Construction AS	Subsidiary	Oslo	Norway	Construction Services	601.9	1,171
NCC Deutschland GmbH	Subsidiary	FÃ¼rstenwalde/Spree, Brandenburg	Germany	Engineering Consultants		640
Sonnengarten Glienicke GrundstÃ¼cks	Subsidiary	Glienicke	Germany	Construction Services	40.0	1
NCC Wohnimmobilien GmbH	Subsidiary	FÃ¼rstenwalde/Spree, Brandenburg	Germany	Business Services		1
Palone GrundstÃ¼cksverwaltungsgesellschaft mbH & Co. Vermietungs KG	Subsidiary	PÃ¶cking, Bayern	Germany	Commercial Banks	1.9	1
NCC Finland Oy	Subsidiary	Vantaa	Finland	Construction Services	625.0
Rosti A/S	Subsidiary	Ballerup	Denmark	Fabricated Plastic and Rubber		1,800
Rosti (Polska) Sp. z o.o.	Subsidiary	Bialystok	Poland	Fabricated Plastic and Rubber		724
Rosti Integrated Manufacturing Solutions (Suzhou) Co.,Ltd	Subsidiary	Suzhou, Jiangsu	China	Fabricated Plastic and Rubber		460
Rosti GP Sweden	Subsidiary	Gislaved	Sweden	Fabricated Plastic and Rubber		110
Rosti Technical Plastics (India) Pvt. Ltd.	Subsidiary	Chennai	India	Fabricated Plastic and Rubber		80
Rosti Technical Plastics UK Ltd.	Subsidiary	Larkhall	United Kingdom	Fabricated Plastic and Rubber
McKechnie Engineered Plastics Limited	Subsidiary	York	United Kingdom	Fabricated Plastic and Rubber		200
McKechnie Engineered Plastics Ltd. - Pickering	Facility	Pickering	United Kingdom	Fabricated Plastic and Rubber		250
KMT Group AB	Subsidiary	Stockholm	Sweden	Miscellaneous Capital Goods	226.8	922
KMT LMV AB	Subsidiary	Lidkoping	Sweden	Miscellaneous Capital Goods		422
KMT Lidkoping AB	Subsidiary	Lidkoping	Sweden	Miscellaneous Capital Goods		220
KMT Waterjet Inc	Subsidiary	Baxter Springs, KS	United States	Miscellaneous Capital Goods		150
KMT Mc Cartney Inc	Subsidiary	Baxter Springs, KS	United States	Miscellaneous Capital Goods		150
KMT Aqua-Dyne Inc	Subsidiary	Baxter Springs, KS	United States	Miscellaneous Capital Goods	22.5	38
KMT UVA AB	Subsidiary	Bromma	Sweden	Miscellaneous Capital Goods		115
KMT Robotic Solution Inc	Subsidiary	Auburn Hills, MI	United States	Construction - Supplies and Fixtures	60.9	100
KMT Robotic Solution GmbH	Subsidiary	Wetzlar	Germany	Miscellaneous Capital Goods		100
KMT Cutting Systems AB	Subsidiary	Ronneby	Sweden	Engineering Consultants		60
KMT Robotic Solution AB	Subsidiary	Ronneby	Sweden	Miscellaneous Capital Goods		45
KMT Waterjet GmbH	Subsidiary	Bad Nauheim, Hessen	Germany	Miscellaneous Capital Goods	32.0	40
KMT Robotic Solutions AB	Subsidiary	Ronneby, Blekinge	Sweden	Miscellaneous Capital Goods	27.6	31
Kmt H2o Jet Inc	Subsidiary	Olympia, WA	United States	Miscellaneous Capital Goods		27
KMT Precision Grinding Inc	Subsidiary	Fairfield, OH	United States	Miscellaneous Capital Goods		25
KMT UVA Inc	Subsidiary	Fairfield, OH	United States	Miscellaneous Capital Goods		25
KMT Cincinnati Grinding Technologies Inc	Subsidiary	Fairfield, OH	United States	Miscellaneous Capital Goods		15
KMT UVA GmbH	Subsidiary	Leonberg	Germany	Miscellaneous Capital Goods		9
KMT Lidkoping Machine Tool Inc	Subsidiary	Milford, MA	United States	Miscellaneous Capital Goods	3.3	6
Pullmax Machine AB	Subsidiary	GÃ¶teborg	Sweden	Miscellaneous Capital Goods	75.0
Sirius Machinery AB	Subsidiary	Kalmar	Sweden	Containers and Packaging	104.2	451
Norden Machinery AB	Subsidiary	Kalmar	Sweden	Containers and Packaging	54.7	175
Kalix	Subsidiary	Les Ulis, Cedex	France	Miscellaneous Capital Goods	17.0	55
Applications Dauphinoises De Manipulation Et Vibration	Subsidiary	Cremieu	France	Electronic Instruments and Controls	9.8	73
Nils Hansson Logistics AB	Subsidiary	Ljungbyhed	Sweden	Miscellaneous Transportation	38.3	400
KMT Precision Grinding AB	Subsidiary	LidkÃ¶ping	Sweden	Miscellaneous Capital Goods	62.0	184
Valinge Innovation AB	Affiliates	Viken	Sweden	Construction - Supplies and Fixtures	73.0	50
Sirius Machinery AB	Subsidiary	Kalmar	Sweden	Miscellaneous Capital Goods	2.3	3

Executive report

Board of Directors

Name

Title

Function

Per GÃ¶ran Axelsson

ledamot

Director/Board Member

HÃ¥kan GÃ¶te Carlsson

ledamot

Director/Board Member

Ola Daniel Erlandsson

ledamot

Director/Board Member

Hans Thomas Johansson

verkst dir, ledamot

Director/Board Member

Alberto Roberto Perego

ledamot och ordfÃ¶rande

Director/Board Member

Executives

Name

Title

Function

Thomas Johansson

Managing Director

Hans Thomas Johansson

verkst dir, ledamot

Managing Director

Eric Pehrsson

Finance Manager

Finance Executive

BjÃ¶rn Persson

Sales Director

Sales Executive

Hans SÃ¶derstrÃ¶m

Technical Manager

Engineering/Technical Executive

Kenneth Henriksson

Production Director

Product Management Executive

Lena Svensson

Purchasing Executive

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	SEK	SEK	SEK
Exchange Rate (Period Average)	6.493691	7.206564	7.645194
Consolidated	No	No	No

Total Revenue	64.5	54.6	50.1
Gross Profit	3.7	3.4	3.8
Net Financial Items	0.2	0.0	-0.1
Operating Income	3.6	3.3	3.7
Income Before Tax	3.7	3.3	3.6
Net Income	2.7	2.4	2.7

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	SEK	SEK	SEK
Exchange Rate	6.8553	6.72285	7.1401
Consolidated	No	No	No

Total Assets	41.0	37.2	31.8
Provisions	0.0	0.0	0.0
Total Liabilities	20.3	16.3	13.7
Total Equity	20.7	20.9	18.1

Annual Ratios

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	-	-	-
Exchange Rate	-	-	-
Consolidated	No	No	No

Operating Margin	6.29	6.91	7.77
Current Ratio	188.36	215.67	182.12
Total debt/total equity	50.57	56.25	56.84
Return on average equity	17.07	16.77	21.04

Annual Growth Rates

	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months
Filed Currency	-	-
Exchange Rate	-	-
Consolidated	No	No

Turnover Percent Change	6.43%	2.81%
Marginal Contribution Percent Change	-2.42%	-14.58%
Net Financial Items Percent Change	592.89%	73.74%
Operating Results Percent Change	-3.09%	-15.06%
Profit/Loss Before Tax Percent Change	2.52%	-13.22%
Profit/Loss for the Year Percent Change	0.43%	-14.06%
Assets Percent Change	12.40%	10.17%
Provisions Percent Change	49.01%	-7.36%
Debts Percent Change	26.99%	11.69%
Equity Capital Percent Change	1.01%	9.05%
Operating Margin Percent Change	-8.97%	-11.07%
Current Ratio Percent Change	-12.66%	18.42%
Debt/Equity Ratio Percent Change	-10.10%	-1.04%
Return On Equity Percent Change	1.79%	-20.29%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.29
UK Pound	1	Rs.86.44
Euro	1	Rs.68.95

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Company name & address

Synthesis

Business Description

Key Executives

Corporate Overview

Executive report

Annual Profit & Loss

Unit